Analyst Chen Shu: Bitcoin and Ethereum have retraced significantly since January 8th. Watch for a breakout signal at the 8.9 support level.

Analyst Chen Shu: Bitcoin and Ethereum experienced a significant pullback on January 8th. Watch for a breakout signal at the 8.9 support level. Looking at the daily chart for Bitcoin, two consecutive days of declines have essentially erased the gains of the previous days. The price has broken below the 10-day moving average (MA10), with the next support level at the 30-day moving average (MA30), around 8.9. Intraday focus should be on whether the price can find support at this level. On the 4-hour chart, the price is approaching the 256-day moving average (MA256) around 8.95. Watch whether this level holds. On the 1-hour chart, the price is currently struggling around the 90,000 level (MA256). Watch the direction of this struggle. Looking at the daily chart for Ethereum, two consecutive days of large bearish candles also indicate a potential downside. If the price continues to fall, the next support levels are the 30/60-day moving averages (MA30/MA60) around 3050/3030. Monitor the effectiveness of these support levels. On the 1-hour chart, the next support level is the 256-day moving average (MA256) around 3080. A period of consolidation around this level is expected. Midday Trading Strategy (Written at 18:10): BTC: Buy at 8.9/8.8 with a small stop loss, targeting a 1-2000 point rebound; sell at 9.05/9.15 targeting 8.9/8.8. ETH: Buy at 3050, add to the position on a pullback to 3000, targeting 3100/3150; sell at 3130/3180 targeting a 6-100 point pullback. Daily analysis strategies have a very high win rate! Analysis is hard work, so please give a free follow, save, like, and comment. Thank you! Welcome to leave comments below for discussion; I will reply to each one.